Adam Smith has secured a deal to take over Black Velvet Travel

A NEW buyer has taken over a Hampshire bus company two weeks after it went bust.

Velvet - which traded as Black Velvet Travel Ltd - went into administration on July 16 after financial pressures and increased competition meant it was unable to survive.

But today administrators announced new owner Adam Smith has secured a dealt to rescue the company and promised it will keep its name.

It will continue to run the will continue to operate routes A, S1, S2, B4, M and 503.

A statement released by administrators Chantrey Vellactott said: “Adam Smith, who has many years of experience in the bus industry, has completed a deal to take over the company, two weeks on from stepping in to run services on an interim basis after seeing news of Black Velvet Travel ceasing operation after running into financial difficulty.”

Chantrey Vellacott restructuring specialist Terry Evans stressed it will secure the long-term future of bus services across the community and added: “We're delighted a deal has been completed - safeguarding the long-term future of Velvet buses, its bus services in the community, along with jobs,”

“We've been working with Black Velvet Travel for around two months and always held out hope during this time that there was a future for the company.”

“We appreciate the support and patience of all parties involved in this process and we are confident Black Velvet Travel is now well placed to move forward.”

Great news. I always make a point of using Velvet when I can - fun and friendly drivers and one of the first in this area to use social media to provide real-time updates. Clean buses too.

Great news. I always make a point of using Velvet when I can - fun and friendly drivers and one of the first in this area to use social media to provide real-time updates. Clean buses too.thwestend

Great news. I always make a point of using Velvet when I can - fun and friendly drivers and one of the first in this area to use social media to provide real-time updates. Clean buses too.

Score: 10

yellowhedgepig
4:26pm Fri 1 Aug 14

Mickey Mouse Company

Mickey Mouse Companyyellowhedgepig

Mickey Mouse Company

Score: -10

__KTF__
4:54pm Fri 1 Aug 14

Buses Excetera as rumoured then.

Buses Excetera as rumoured then.__KTF__

Buses Excetera as rumoured then.

Score: 3

sotonbusdriver
6:07pm Fri 1 Aug 14

http://www.adamsmith
.com/index.html

http://www.adamsmith
.com/index.htmlsotonbusdriver

http://www.adamsmith
.com/index.html

Score: 0

essexman2
5:32pm Fri 1 Aug 14

Northamboy wrote…

Ok I give up.............. who is Adam Smith?

Adam Smith wrote " Th Wealth of Nations" but Is long dead. He can't be that one, so must be someone else

[quote][p][bold]Northamboy[/bold] wrote:
Ok I give up.............. who is Adam Smith?[/p][/quote]Adam Smith wrote " Th Wealth of Nations" but Is long dead. He can't be that one, so must be someone elseessexman2

Northamboy wrote…

Ok I give up.............. who is Adam Smith?

Adam Smith wrote " Th Wealth of Nations" but Is long dead. He can't be that one, so must be someone else

Score: 0

mike coll
6:26pm Fri 1 Aug 14

Please stop this rubbish, I remember hants and dorset buses, the privatisation of the buses and trains has robbed the U.K of national treasures, I live in a country where the buses are run by the county, and the trains by the country,
There is nothing wrong with that.

Please stop this rubbish, I remember hants and dorset buses, the privatisation of the buses and trains has robbed the U.K of national treasures, I live in a country where the buses are run by the county, and the trains by the country,
There is nothing wrong with that.mike coll

Please stop this rubbish, I remember hants and dorset buses, the privatisation of the buses and trains has robbed the U.K of national treasures, I live in a country where the buses are run by the county, and the trains by the country,
There is nothing wrong with that.

Score: 13

Dave Of The South
1:50am Sat 2 Aug 14

Velvet didn't actually go into administration or go bust. They simply ceased trading. No formal documents were processed by the time Adam Smith stepped in & showed an interest. That is why they were allowed to carry on as they were not stripped of any operators licence. Please get the facts right!

Velvet didn't actually go into administration or go bust. They simply ceased trading. No formal documents were processed by the time Adam Smith stepped in & showed an interest. That is why they were allowed to carry on as they were not stripped of any operators licence. Please get the facts right!Dave Of The South

Velvet didn't actually go into administration or go bust. They simply ceased trading. No formal documents were processed by the time Adam Smith stepped in & showed an interest. That is why they were allowed to carry on as they were not stripped of any operators licence. Please get the facts right!

Score: -1

Dave Of The South
1:54am Sat 2 Aug 14

This actually explains it all, so read through the blogs. http://sotonbus.blog
spot.com/2014/07/blu
estar-hands-m-back-t
o-velvet.html?showCo
mment=1406032776130#
c1346574912286501765 Phil Stockley was the Former owner of Velvet before the sale.

This actually explains it all, so read through the blogs. http://sotonbus.blog
spot.com/2014/07/blu
estar-hands-m-back-t
o-velvet.html?showCo
mment=1406032776130#
c1346574912286501765 Phil Stockley was the Former owner of Velvet before the sale.Dave Of The South

This actually explains it all, so read through the blogs. http://sotonbus.blog
spot.com/2014/07/blu
estar-hands-m-back-t
o-velvet.html?showCo
mment=1406032776130#
c1346574912286501765 Phil Stockley was the Former owner of Velvet before the sale.

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